A reverse mortgage is a type of home loan that is specifically designed for pensioners and retirees who might be considered 'asset rich' but 'cash poor'. There are many people signing up to them without fully understanding all the terms and conditions.
The Pension Loans Scheme is a scheme that lets aged pensioners who own their own home to get a voluntary non-taxable fortnightly loan from Centrelink. Loan recipients are required to repay the loan and all costs and accrued interest to the Commonwealth.
This workshop will provide information about both these products and highlight the financial implications and responsibilities asscoiated with entering into one of these arangements.